Gold Pushes Past US$5,250, Trade Tensions Back in Focus
February 25, 2026Good evening ladies and gentlemen, and welcome back to The Australian Gold Mid-Weekly Review!
Every Wednesday, we knock on your mailbox to deliver the latest insights into the precious metals and mining market. And this week, markets have once again given us plenty to talk about.
Gold is currently trading at US$5,194.5/oz, although it briefly reached US$5,250/oz earlier this week. The latest driver? President Trump's decision to impose 10% tariffs on all countries, following the Supreme Court ruling that earlier tariffs were illegal. Markets are now bracing for the possibility that those tariffs could be raised to 15%, injecting fresh uncertainty into global trade and pushing investors back toward safe-haven assets.
That uncertainty helped gold surge to US$5,250/oz. However, as the move accelerated, the US dollar began to firm, which capped gold's momentum and pulled it back toward the US$5,190 range where it currently sits. Once again, we are seeing the tug-of-war between geopolitical risk and currency strength play out in real time.
Meanwhile, silver is trading at US$89.62/oz, following gold's move but with noticeably greater intensity. As a high beta asset, silver tends to amplify gold's direction, and this week has been no exception. When gold moves, silver tends to move more, in both directions.
Back home, the ASX All Ordinaries Gold Index has climbed to 21,199.72 points, continuing to track gold's rise above the US$5,100 level. Mining equities are once again feeling the tailwind of a strong gold price environment.
Interestingly, in last week's Weekly Review video, Brian discussed how some producers have drifted back into the fairly valued to undervalued range following recent sharp sell-offs and the rangebound behaviour we've seen in gold over the past few weeks. If you haven't watched that episode yet, now might be a good time to catch up. It adds useful context to what we're seeing unfold right now!
And that's it for this Wednesday!
Thank you for dropping by The Australian Gold Mid-Weekly Review. As always, we'll continue monitoring developments closely and sharing our thoughts both here every Wednesday and in our Sunday wrap-up on YouTube.
Until next week, stay sharp, and we'll see you next Wednesday!
Stay tuned!
Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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